Since the beginning of 2023, investment products related to Solana have attracted $26 million in investments, surpassing all other alternative cryptocurrencies, including Ethereum. This suggests that Solana is currently the most favored alternative cryptocurrency among investors, as CoinShares indicates.
CoinShares’ head of research, James Butterfill, pointed out that the trading volumes for cryptocurrency investment products during the week ending September 1 were 90 percent higher than the year-to-date average. Additionally, the outflows from cryptocurrency products decreased to $11.2 million that week.
This marks a negative sentiment trend that has persisted for seven weeks, resulting in $342 million leaving cryptocurrency products during that period. However, considering the year-to-date numbers, these investment products still show a net positive inflow of $165 million.
The outflows have not negatively affected Solana products, which consistently received weekly inflows of $700,000. This marks the ninth consecutive week of inflows, totaling $14.1 million, and year-to-date inflows reaching $26 million.
Bitcoin products were the only other asset that witnessed weekly inflows, amounting to $3.8 million, while Short BTC, Polygon, and ETH products all reported weekly outflows.
These inflows into Solana products coincide with recent positive developments related to the Solana network. On September 1, Rune Christensen, co-founder of MakerDAO, submitted a proposal to build the project’s upcoming native chain using a fork of Solana’s codebase despite its longstanding association with Ethereum.
Additionally, on August 23, Shopify added the Solana-based payment network, Solana Pay, as one of its payment options, starting with the stablecoin USD Coin. The Solana network has improved performance and reliability, experiencing only one outage in 2023 so far.
While SOL’s price has seen a year-to-date increase of approximately 95.5 percent, it has mostly traded within the range of $20 to $25 since mid-January. As of 12 a.m. UTC on September 5, SOL was trading at approximately $19.5, according to Cointelegraph data. However, it’s important to note that SOL has declined by 92.5 percent from its all-time high of nearly $260 in November 2021.
Solana co-founder Anatoly Yakovenko and MakerDAO’s Christensen have recently used X (formerly Twitter) to advise their communities against initiating conflicts aimed at Ethereum.
This unity follows Christensen’s announcement that MakerDAO is considering using a version of Solana’s technology for the final phase of Maker’s “Endgame” strategy.
The final phase, called “NewChain,” plans to rebuild the entire Maker Protocol on an independent blockchain. According to Christensen, this should make the system safer and more efficient, enabling it to manage governance challenges and technical issues better. The project is expected to span a significant duration, potentially lasting three or more years until completion.
He listed three key reasons for looking at the Solana codebase as a base for NewChain. First, Solana’s code is well-suited for NewChain’s needs. Second, Maker can tap into Solana’s active developer community. Lastly, the adaptable nature of Solana’s codebase is proven by its successful use in projects like the Pyth network.
Yakovenko expressed his hope that the Solana community would refrain from using this announcement as a reason to attack Ethereum.
He acknowledged that MakerDAO’s decision is a win for open source but shouldn’t be seen as favoring one blockchain over another. Christensen also praised Ethereum, Solana and Cosmos, highlighting that all these chains are interconnected and contribute to a global multichain network economy.
He encouraged people to move away from tribalistic attitudes and let others build upon the foundations laid by different blockchain technologies.
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